Sinovel 'scaling back in China'

Wind group Sinovel is scaling back its operations as orders dwindle, according to reports from China.

Sinovel has scrapped plans to build four factories, introduced cuts at three others and reduced funding for R&D, according to Bloomberg, which cited a stock exchange filing.

The measures are said to be designed to lead to savings of up to 2.6bn yuan ($424m).

Sinovel in January warned it expects its 2013 net loss to balloon to 3bn yuan.

The company – formerly China’s largest supplier of wind turbines and at one point the global number-two – has faced a string of problems over recent years, including falling market share, managerial upheavals, regulatory probes and legal action by former supplier AMSC.

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